Epsilon Theory Podcast

Latest Episodes:

Epsilon Theory on Tape: The Icarus Moment Jun 28, 2022

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We live in a Cartoon Age, an era not of alienation per Karl Marx, but of alienation per Groucho Marx. What’s the cause, what’s the future, and what do we do about all this? It’s a TL;DR cri de coeur in Part 12 of Epsilon Theory's Notes from the Field series.

Epsilon Theory on Tape: Good Job! May 31, 2022

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This is Part 11 of Ben's Notes from the Field series. I don’t need to calculate a Sortino ratio to know if my dogs are doing a Good Job. Same with active investment management. Same with active citizenship. It’s all about embracing Convexity, not as a mathematical cartoon, but as a philosophy.

Epsilon Theory on Tape: Too Clever By Half May 10, 2022

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The inevitable result of financial innovation gone awry, which it ALWAYS does, is that it ALWAYS ends up empowering the State. When too clever by half people misplay the meta-game, that’s all the excuse the State needs to come swooping in and crush them, just as they are with Bitcoin today they did with Bear and Lehman in 2008. Installment #10 from Notes from the Field.

Epsilon Theory on Tape: The Three-Body Problem May 06, 2022

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What if I told you that the dominant strategies for human investing are, without exception, algorithms and derivatives? I don't mean computer-driven investing, I mean good old-fashioned human investing ... stock-picking and the like. And what if I told you that these algorithms and derivatives might all be broken today? You might want to sit down for Part 9 of the Notes from the Field series.

Cursed Knowledge #10: This Podcast Never Happened Apr 21, 2022

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We've all fallen victim to a bad retcon at some point in our lives. When the story we've been following takes a turn no one was prepared for and we have to act like it all makes perfect sense. It's Sherlock Holmes coming back from the dead. It's the reveal that an entire season of Dallas was only a dream. It's the author changing their mind and trying to convince you that it's all part of the plan. I don't buy it. And neither should you.

Epsilon Theory on Tape: Pecking Order Apr 12, 2022

Show notes

The pecking order is a social system designed to preserve economic inequality: inequality of food for chickens, inequality of wealth for humans. We are trained and told by Team Elite that the pecking order is not a real and brutal thing in the human species, but this is a lie. It is an intentional lie, formed by two powerful Narratives: trickle-down monetary policy and massive student debt financing. Part 8 of the Notes from the Field series.

Epsilon Theory on Tape: Clever Hans Apr 05, 2022

Show notes

Part 7 of Ben's Notes from the Field series reminds us that you don’t break a wild horse by crushing its spirit. You nudge it into willingly surrendering its autonomy. Because once you’re trained to welcome the saddle, you’re going to take the bit. We are Clever Hans, dutifully hanging on every word or signal from the Nudging Fed and the Nudging Street as we stomp out our investment behavior.

Epsilon Theory on Tape: Sheep Logic Mar 23, 2022

Show notes

In Part 6 of the Notes from the Field Series, Ben observes that we think we are wolves, living by the logic of the pack. In truth we are sheep, living by the logic of the flock.

Epsilon Theory on Tape: The Arborist Mar 15, 2022

Show notes

In Part 4 of the Notes from the Field Series, Ben identifies how the natural lines of a tree and shaping the tree to follow those lines over time is a lot like shaping a portfolio.

Cursed Knowledge #9: Cat Eyes, Full Ass, Can't Smile Mar 10, 2022

Show notes

We've all felt insecure about our looks at one point or another. Especially in our chronically online world where how you look can be your whole brand. So with plastic surgery rates on the rise, let's peel back the layers of this industry and see how information (and lies) about procedures spread and examine the real price of beauty.

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